Absa Bank Kenya posted a net profit of KSh 12.3 billion at the end of the first nine months of this year, compared to KSh 10.7 billion in Q3 2022.
“The Bank’s revenue grew by 20% to KSh40.2 billion supported by strong growth in the balance sheet. In the period under review, customer deposits grew by 26% to KSh354 billion while customer assets increased by 14% to KSh331 billion,” Directors of Absa Bank Kenya Plc said in a statement.
- •The lender’s balance sheet size grew significantly from KSh 481.3 billion in Q3 2022 to more than half a trillion in Q3 2023.
- •It’s loans to customers grew from KSh 289.4 billion in Q3 2022 to KSh 330.9 billion at the end of the first nine months of 2023.
- •The lender’s loan loss provision increased from KSh 5 billion to KSh 6.8 billion in Q3 2023 while staff costs increased from KSh 7.4 billion in Q3 2022 to KSh 8.6 billion in Q3 2023.
Customer deposits increased from KSh 281.1 billion in Q3 2022 to KSh 354.3 billion in Q3 2023. Total interest income from loans, sale of government securities, and deposits with other banks increased from KSh 29.3 billion to KSh 39.1 billion in Q3 2023 while non-interest income from fees and commissions, forex trading, dividend income, and others grew from KSh 10.2 billion to KSh 10.8 billion during the period under review.
The lender’s other new business lines such as Asset Management, Digital Finance, Bancassurance, and stock brokerage delivered double-digit growth.
Absa Bank Kenya has over 83 branches, 196 ATMs, 60 cash deposit machines, and 5,209 POS devices.
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